Microsoft (MSFT) rises Thursday evening on Q4 earnings beat >>> READ MORE

Waymo, Lyft to Team Up on Self-Driving Cars Technology

The two will be challenging Uber


Waymo, a company under Alphabet Inc (NASDAQ:GOOG,GOOGL), and Lyft are teaming up on self-driving cars.

Waymo, Lyft to Team Up on Self-Driving Cars Technology
Source: Shutterstock

The deal between Waymo and Lyft will have the two companies working together on pilot program and development of self-driving cars. However, not much more is known about the deal, such as when or where these pilot programs will take place.

Both Waymo and Lyft confirmed that they have signed a deal to work on self-driving cars. Lyft told The New York Times that Waymo “holds today’s best self-driving technology, and collaborating with them will accelerate our shared vision of improving lives with the world’s best transportation.”

The agreement between Waymo and Lyft will have them competing against Uber. Lyft and Uber are already rivals in the ride-sharing market. There are also bad relations between Uber and Waymo. A lawsuit claims that Uber is using technology stolen from the self-driving cars company. This move could stall Uber’s work on self-driving cars and give Lyft earlier access to the market.

The push toward self-driving cars is important to both ride-hailing companies. The ability to ferry customers around without the need to pay a driver would likely result in much more revenue for the two companies.

It is possible that the first area to see Lyft and Waymo’s self-driving cars pilot will be Phoenix, Ariz. Waymo has already announced plans to test self-driving minivans in the area and it may team up with Lyft for this test, reports CNN.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC